NEW YORK, Oct 23 (Reuters) - The shares of Fuqi International Inc (FUQI.O: Quote, Profile, Research) , a Chinese maker of precious metal jewelry, rose in their market debut on Tuesday, after raising $63 million in an initial public offering priced at the top of a forecast range.
The shares rose $1.47, or 16 percent, to close at $10.47.
Earlier, the company's offering of 7 million shares priced at $9 per share, compared with a forecast range of $7 to $9 forecast, according to a statement issued by the company.
The performance of Fuqi International's debut continues a recent string of strong showings from Chinese IPOs on U.S. stock exchanges, with investors clamering to buy into companies that are enjoying strong revenue growth as the spending power of China's emerging middle class strengthens.
Last week, Noah Education Holdings Ltd (NED.N: Quote, Profile, Research), which provides digital-learning aides to China's primary and secondary students, gained 40 percent in its first day of trading and, earlier in the month, China Digital TV Holding Co Ltd (STV.N: Quote, Profile, Research) posted an even stronger first-day rise of 75 percent.
Fuqi International, which is profitable, said it plans to use the net proceeds from the offering to fund expansion of its retail operations, to expand product lines and for other general corporate purposes. |
